IRS Refunds and DOGE Dividend Checks: What You Need to Know
NEW YORK – Time is of the essence for American taxpayers to check their eligibility for various refunds that may offer crucial financial assistance.
$1,400 Recovery Rebate Credit Payment for Non-Claimants
The Internal Revenue Service (IRS) has made a significant announcement regarding the Recovery Rebate Credit. In December 2024, the agency confirmed it would automatically issue payments to people who failed to claim this credit on their 2021 tax returns. This credit is aimed at those who missed out on one or more Economic Impact Payments (commonly known as stimulus payments).
While many eligible taxpayers have already received their credits, those who have yet to submit their 2021 tax returns may still be entitled to this financial relief. To benefit from this payment, individuals must file their returns and claim the Recovery Rebate Credit by the approaching deadline of April 15, 2025. Eligible recipients could receive up to $1,400 per individual, contributing to an estimated total payout of $2.4 billion.
For further details, visit the IRS website.
Unclaimed Refunds Exceeding $1 Billion for 2021 Tax Year
The IRS estimates that over $1 billion in refunds remain unclaimed by individuals who have not submitted their Federal Income Tax Return (Form 1040) for 2021. The median refund for this tax year is estimated at $781, not factoring in the Recovery Rebate Credit and other potential credits.
According to IRS regulations, taxpayers typically have a span of three years to file and claim their refunds. After the three-year mark, any remaining funds will revert to the U.S. Treasury. With the deadline for the 2021 tax year approaching on April 15, 2025, it’s critical for taxpayers to act quickly. Additional resources can be found on the IRS website.
Status of $5,000 DOGE Dividend Checks
In a different realm of financial discourse, President Donald Trump has vocalized his support for a proposal involving potential $5,000 DOGE Dividend Checks. Earlier this year, he indicated plans to return a percentage of savings from Elon Musk’s Department of Government Efficiency (DOGE) to American taxpayers as a dividend.
Trump mentioned that the administration is considering directing 20% of the savings obtained through DOGE’s initiatives towards Americans, with an additional 20% reserved for reducing the national debt.
During an interview with FOX News, James Fishback, founder of Azoria Partners, elaborated on how this dividend could be structured. “We believe DOGE will save $2 trillion in total. You take 20% of that-that’s $400 billion. You divide that by the number of American households that will pay federal income tax this year. That’s $79 million,” Fishback detailed.
If this proposal materializes, it could result in each American taxpaying household receiving approximately $5,000. Fishback also noted the strategic nature of the refund, stating it would only be available to those who pay federal income taxes in the 2025 calendar year, thereby promoting labor force participation. More information can be found on Fishback’s website.
Currently, updates regarding the status of the DOGE Dividend proposal are pending.
Source: FOX 5 DC, FOX NEWS & The Associated Press
